Baroda Education Loan to students of premier Institutions

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A Right Education.

Education Loan
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Baroda Education Loan to students of premier Institutions

Key Benefits

  • No processing charges.
  • No Margin.
  • Free Debit Card.

Eligibility

Courses Eligible

Student Eligibility

  • Should be an Indian National
  • Secured admission to professional / technical courses Abroad through Entrance Test / Merit Based Selection process.

Interest Rates & Charges

  • No special concession for girl students under this scheme.
  • Simple interest to be charged at monthly rests during the repayment holiday/moratorium period.
  • Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4/- lacs.
  • The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) be fixed.
  • Present rate of interest Click here
  • Processing Charges

Most Important Terms & Conditions

Target group Students pursuing Graduation, Post-Graduation, Professional and other courses in India

Quantum of finance

Category Maximum Loan Limit
No security With tangible 100%
collteral security of full
value of the Loan amount
Institutions– under List AA RS. 40.00 Lakh RS. 80.00 Lakh
Institutions under List – A RS. 20.00 Lakh RS. 80.00 Lakh
Institutions under List-B RS. 7.50 Lakh RS. 80.00 Lakh
Institutions under List-C RS. 7.50 Lakh RS. 80.00 Lakh

Need based finance subject to future repayment capacity based on projected future earning which should commensurate with past placement records and average packages offered to the pass outs of the college.

Margin NIL

Repayment Holiday/ Moratorium Period Course period + 1 year.

Coverage of expenses for

  • Fee payable to college/Institution/University/school/hostel.
  • Examination / Library / Laboratory fee.
  • Hostel fees / charges.
  • Purchase of books / equipments / instruments / uniforms.
  • Caution deposit, Building fund / refundable deposit supported by institution bills/ receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
  • Purchase of Personal Computer / Laptop - essential for completion of the course.
  • Insurance premium for student borrower, if any opted by the student. Presently Bank has tie up arrangement with M/s.IndiaFirst Life Insurance Co & M/s.Kotak Life Insurance co for Group Credit Life insurance cover to Educaiton Loan borrowers.
  • Any other expenses required to complete the course – like study tours, project works, thesis, etc.
  • Cost of external coaching/tution is not to be considered.

Note The details of expenses for the entire course period to be obtained from college / institution.

Repayment Period

  • The loan is repayable in maximum 10 – 15 years after the completion of moratorium period as mentioned above
  • For loans up to RS. 7.50 Lakhs : Moratorium Period +Maximum -120- installments
  • For Loans above RS. 7.50 Lakhs : Moratorium Period +Maximum -180- installments

Unified Processing charges

  • NIL for all cases.
  • A non refundable Lump sum amount Rs.7,500/- per property (towards Advocate and Valuer charges) to be taken upfront in case of all Education Loan accounts, wherever property is mortgaged .

Security

List AA

Up to RS. 40.00 Lakh No Security
Co-obligation of parents / guardian along with assignment of future income of the student for payment of instalments.

Above RS. 40.00 Lakh Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

For Institutions in List-A

Up to RS. 20.00 Lakh No Security
Co-obligation of parents / guardian along with assignment of future income of the student for payment of instalments.

Above RS. 20.00 Lakh Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

For Institutions in List-B

Up to RS. 7.50 Lacs No Security
Co-obligation of parents / guardian along with assignment of future income of the student for payment of instalments.

Above RS. 7.50 Lacs Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

For Institutions in List-C

Up to RS. 7.50 Lacs No Security
Co-obligation of parents / guardian along with assignment of future income of the student for payment of instalments.

Above RS. 7.50 Lacs Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

Disbursement

  • Directly to School / Institution / hostel -- term wise / year wise, in stages as per the requirement / demand.
  • Directly to book seller / shop for purchase of books, instruments, equipments.
  • In case student does not secure hostel facility with educational institute, he may be allowed to make his own arrangement if required. Lodging / boarding charges in such cases to be paid directly to concerned establishment, after verifying bonafides of the same.

Financing Branch

  • Branch in the vicinity of the Institute #
  • Or
  • Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent Branch

# In case where the Programmes are being offered by these Premier Institutions in collaboration with the Technology Partners like Huges, Times Pro etc. the centers of such technology Partners may be treated at par with the Institutions and a Branch in the vicinity of the center of such Technology partners can also sanction.

Q

Who can apply for the loan?

Any Indian National fulfilling criteria stated above is eligible for education loan.

Q

Who can be co-obligant?

The parents, guardians, friends and relative can be co-obligant.

Q

How much does Bank of Baroda lend?

Bank of Baroda extend need based finance subject to repaying capacity of the parents/student with margin upto following ceilings.

List of FAQs
Studies in India Maximum Rs. 10.00 lacs
Studies abroad Maximum Rs.20.00 lacs.
Q

For how long a period can I get the loan?

We grant loan for a term of 5-7 years after repayment holiday/moratorium.

Q

What is the repayment holiday / moratorium period?

Course period + 1 year or 6 months after getting job whichever is earlier.

Q

What is the mode of repayment?

The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) is fixed.

Q

Do you offer any concession?

Yes, we do offer 1% interest concession to student loanee, if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme. Additionally, 1% interest concession is provided to girl students.

Q

What type of interest do you charge under your Education Loan Scheme?

We charge simple interest at monthly rests during the repayment holiday /moratorium period.

Q

Do you levy any penalty for default under the scheme?

Yes, we charge penal interest @ 2% on overdues amount in the loan exceeding Rs.4 lacs.

EMI Calculator

APR Calculator
  • Total Interest
  • Total Amount
Monthly Payment Rs. 1,977.00

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